Answer:
Problem
You deposit $13900 into a bank account paying 7.2% simple interest per year. You left the money in for 11 years. How much interest do you get at the end of those 11 years?
Result
The interest is $11008.8.
Explanation
Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $13900, i = 7.2% and t = 11 years, so
III=P⋅i⋅t=13900⋅0.072⋅11=11008.8
